Investment Highlights
Executive Summary
? Chase Bank recently signed a brand new 15-year lease with 4 (5-year) option periods to extend, demonstrating their commitment to the site? The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation? The lease is signed by the corporate entity (S&P: A+ | NYSE: JPM)? JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide? Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises? No landlord responsibilities? Ideal, management-free investment for a passive investor? Brand new 2024 construction featuring high quality materials, distinct Chase Bank design elements, and state-of-the-art bank features? Equipped with a drive-thru ATM, providing ease and convenience for customers? Outparcel to Peninsula Town Center, a massive mixed-use center spanning 1,450,000 square feet across 72 acres? #3 most visited lifestyle center in Virginia, attracting over 7.3 million visitors annually (per Placer.ai)? Peninsula Town Center features over 70 tenants, including Target, Barnes & Noble, JCPenney, Floor & Decor, and more? The center contains 150,000 square feet of office space and four residential and hospitality complexes: The Chapman (213 units), Axis Apartments (169 units), Element Hotel (127 keys), and Axis Lofts (23 units)? The asset is strategically located at the signalized, hard corner intersection ofW. Mercury Boulevard and Coliseum Drive with a combined 96,400 vehicles passing by daily? The asset has excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large monument sign? Located in a dense retail corridor with national/credit tenants such as Walmart Supercenter, Bass Pro Shop, Kroger, Lowe?s, At Home, Michaels, Walmart Neighborhood Market, Ross Dress for Less, Marshalls, BJ?s, and more? Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site? Strategically positioned less than a quarter mile away from the on/off ramps to I-64 (174,000 VPD)? More than 199,600 residents and 115,500 employees support the trade area? $81,938 average household income
